SOURCE: BrightScope

BrightScope

August 06, 2013 12:49 ET

BrightScope Announces the Top 25 Automotive Companies With the Best 401k Plans

General Motors, Harley-Davidson, Ford, Daimler and Mercedes-Benz Round Out the Top Five

SAN DIEGO, CA--(Marketwired - Aug 6, 2013) - BrightScope (www.brightscope.com), a leading provider of independent financial information and investment research, today announced the Top 25 companies in the automotive industry with the highest ranked 401k plans containing more than $100 million in assets. This is the seventh list in a new series where BrightScope highlights the strongest plans within leading industries across the nation.

BrightScope obtains an increasing amount of its data directly from plan sponsors and record keepers, and augments these primary sources with data from publicly available sources such as the Department of Labor and the Securities and Exchange Commission. By analyzing and interpreting this data, BrightScope provides unprecedented transparency into the 401k industry.

"As one of the U.S's larger industries, automotive companies carry much responsibility when it comes to ensuring their workers' financial futures," said Brooks Herman, Head of Data and Research for BrightScope. "When we look at companies with high ratings of this list, it's encouraging -- and fulfilling -- to see such big companies making an effort to provide quality plans for the employees that make up such a large part of the workforce."

Key statistics found on the list of automotive companies with the best 401k plans:

  • Average account balance for plans listed is $92,025
  • 84.91% is the average participation rate for plans on the list
  • Average company generosity for plans listed is $2,580; the median is $2,438
  • Average salary deferral for plans listed is $5,326; the median is $5,063

Top 25 automotive companies with the highest ranked 401k plans containing more than $100 million in assets:

Company - Plan Name - BrightScope Rating

1. General Motors LLC - General Motors Retirement Savings Plan for Salaried Employees in the United States - 82.54

2. Harley-Davidson Motor Company Group, LLC - Harley-Davidson Retirement Savings Plan for Salaried Employees - 82.02

3. Daimler Trucks North America L.L.C. - Daimler Trucks North America L.L.C. Employee Retirement Savings Plan - 81.09

4. Ford Motor Company - Ford Motor Company Savings and Stock Investment Plan for Salaried Employees - 80.14

5. Mercedes-Benz U.S. International, Inc. - Mercedes-Benz U.S. International, Inc. Retirement and Savings Plan - 79.10

6. Navistar, Inc. - Navistar, Inc. Retirement Accumulation Plan - 75.61 

7. Nissan North America, Inc. and its Affiliates - Nissan Employee 401(k) Plan - 75.46

8. Volvo Group North America, LLC - Volvo Group North America Voluntary Investment Pretax Plan - 75.15

9. ArvinMeritor, Inc. - ArvinMeritor, Inc. Savings Plan - 74.90

10. American Honda Motor Company, Inc. - American Honda Savings Plan - 74.64

11. PACCAR, Inc. - PACCAR, Inc. Savings Investment Plan - 73.95

12. Toyota Motor Engineering & Manufacturing North America, Inc. - Toyota Motor Engineering & Manufacturing Salaried 401(k) Plan and Trust - 72.23

13. Subaru of Indiana Automotive, Inc. - SIA Retirement Plan - 71.66

14. Harley-Davidson Motor Company Group, LLC - Harley-Davidson Retirement Savings Plan for Milwaukee and Tomahawk Hourly Bargaining Unit Employees - 71.53

15. Honda of America Manufacturing, Inc. - Honda Manufacturing 401(k) Savings Plan - 71.02

16. Oshkosh Corporation - Oshkosh Corporation and Affiliates Tax Deferred Investment Plan - 69.06

17. Chrysler Group LLC - Chrysler Group LLC Salaried Employees' Savings Plan - 67.28

18. General Motors LLC - General Motors Personal Savings Plan for Hourly-Rate Employees in the United States - 65.46

19. Navistar, Inc. - Navistar, Inc. 401(k) Plan for Represented Employees - 64.68

20. Chrysler Group LLC - Chrysler Group LLC Hourly Employees' Deferred Pay Plan - 62.63

21. Toyota Motor Engineering & Manufacturing North America, Inc. - Toyota Motor Engineering & Manufacturing Salaried Money Purchase Pension Plan and Trust - 61.79

22. Ford Motor Company - Ford Motor Company Tax-Efficient Savings Plan for Hourly Employees - 61.74

23. Winnebago Industries, Inc. - Winnebago Industries, Inc. Profit Sharing and Deferred Savings & Investment Plan - 60.17

24. Daimler Trucks North America L.L.C. - Daimler Trucks North America, L.L.C. UAW Retirement Savings Plan - 57.35

25. Mitsubishi Motors North America, Inc. - Manufacturing Division - Mitsubishi Motors North America, Inc. - Manufacturing Division 401(k) Savings Plan for Associates - 54.63

The BrightScope Rating was developed by BrightScope, Inc. with the help of leading academics and independent 401k fiduciaries. By analyzing more than 200 individual data points, the BrightScope Rating algorithm calculates a single numerical value for each 401k plan. The data points examined cover broad categories such as total plan cost, company generosity and investment menu quality.

BrightScope has rated nearly 50,000 401k and 403b plans, spanning more than 57 million workers and over $3 trillion in assets. Industry adoption of the BrightScope Rating will lead to more cost-effective plans, increased participation rates, higher employee satisfaction and better outcomes for the 60 million employees who depend on their 401k plan for retirement. 

About BrightScope
BrightScope is a financial information company that brings transparency to opaque markets through independent research and analysis. Delivered through web-based software, BrightScope data drives better decision-making for individual investors, corporate plan sponsors, asset managers, broker-dealers, and financial advisors. The BrightScope Rating™, developed in partnership with leading independent 401k fiduciaries, reviews more than 200 unique data inputs per plan and calculates a single numerical score which defines plan quality at the company level. In April 2011, the company launched BrightScope Advisor Pages™, the first comprehensive and publicly available directory of financial advisors designed to help consumers discover information and conduct due diligence on wealth management professionals. BrightScope also markets a suite of data analytics software products to Fortune 1000 companies, asset managers, broker-dealers, financial advisors, and other market participants. Public ratings for nearly 50,000 retirement plans as well as rating definitions, criteria and methodologies, and information on nearly 600,000 financial advisors and nearly 40,000 advisory firms are available for free at www.brightscope.com.

Contact Information

  • Jessica Kipp
    Atomic PR for BrightScope
    415-593-1400
    Email Contact